Michael S. Barr: “So this, I think, is the American people's frustration with Washington and the explosion of law.”

Yes. I have been consistent in saying both that the system is strong and that we also need to think about stronger capital rules.

The Federal Reserve's rules, issued in the wake of the legislation that was issued in 2019, did have the effect of lowering supervisory and regulatory standards for firms.

The Congress needs to increase the debt ceiling. There are no other options around that.

I have said repeatedly that banks, according to our rules, are well-capitalized today. Our banking system is sound and resilient.